Murrey Math Oscillator Pro

Murrey Math Oscillator Pro is a new oscillator calculated based on the position of price in relation to the midline of the Donchian channel, with options for price smoothing. Our calculation formula ensures that the indicator values oscillate between -100 and 100.

The Murrey Math's concept was then applied to this product to divide the range of the oscillator values into 8 regions (hence the product name):

• Positive Quadrant 1st: 0 to 25
• Positive Quadrant 2nd: 25 to 50
• Positive Quadrant 3rd: 50 to 75
• Positive Quadrant 4th: 75 to 100
• Negative Quadrant 1st: 0 to -25
• Negative Quadrant 2nd: -25 to -50
• Negative Quadrant 3rd: -50 to -75
• Negative Quadrant 4th: -75 to -100

For ease of recognition, the oscillator plot can be colorized in 8 different user-defined colors corresponding to these 8 quadrants.

A moving average of the oscillator was added to help generate reversal signals, which become the best value of this indicator:

• A bullish reversal signal is provided if the oscillator crosses above its moving average in the lower zone.
• A bearish reversal signal is provided if the oscillator crosses below its moving average in the upper zone.

The upper & lower zones are identified based on "Strict Mode":

• "Strict Mode" enabled: The upper zone is above 75 and the lower zone is below -75.
• "Strict Mode" disabled: The upper zone is above 50 and the lower zone is below -50.

• Signal_Trade: 1 = bullish, -1 = bearish, 0 = no signal
• Signal_State:
  • 4 = positive quadrant 4th (75 → 100)
  • 3 = positive quadrant 3rd (50 → 75)
  • 2 = positive quadrant 2nd (25 → 50)
  • 1 = positive quadrant 1st (0 → 25)
  • -1 = negative quadrant 1st (0 → -25)
  • -2 = negative quadrant 2nd (-25 → -50)
  • -3 = negative quadrant 3rd (-50 → -75)
  • -4 = negative quadrant 4th (-75 → -100)